The DOI matches its Crossref record; 33 of the 33 references it cites were found in a registry or an index.
Stranded fossil-fuel assets translate to major losses for investors in advanced economies
Open accessAbstract
The distribution of ownership of transition risk associated with stranded fossil-fuel assets remains poorly understood. We calculate that global stranded assets as present value of future lost profits in the upstream oil and gas sector exceed US$1 trillion under plausible changes in expectations about the effects of climate policy. We trace the equity risk ownership from 43,439 oil and gas production assets through a global equity network of 1.8 million companies to their ultimate owners. Most of the market risk falls on private investors, overwhelmingly in OECD countries, including substantial exposure through pension funds and financial markets. The ownership distribution reveals an international net transfer of more than 15% of global stranded asset risk to OECD-based investors. Rich country stakeholders therefore have a major stake in how the transition in oil and gas production is managed, as ongoing supporters of the fossil-fuel economy and potentially exposed owners of stranded assets.
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Citations
Cites
The geographical distribution of fossil fuels unused when limiting global warming to 2 °C
McGlade, C., & Ekins, P. (2015) · Nature · doi:10.1038/nature14016 · Cited by 1,793
Financial Networks and Contagion
Elliott, M., Golub, B., & Jackson, M. O. (2014) · American Economic Review · doi:10.1257/aer.104.10.3115 · Cited by 1,213
A climate stress-test of the financial system
Battiston, S., Mandel, A., Monasterolo, I., Schütze, F., & Visentin, G. (2017) · Nature Climate Change · doi:10.1038/nclimate3255 · Cited by 1,157
DebtRank: Too Central to Fail? Financial Networks, the FED and Systemic Risk
Battiston, S., Puliga, M., Kaushik, R., Tasca, P., & Caldarelli, G. (2012) · Scientific Reports · doi:10.1038/srep00541 · Cited by 919
Financing renewable energy: Who is financing what and why it matters
Mazzucato, M., & Semieniuk, G. (2018) · Technological Forecasting and Social Change · doi:10.1016/j.techfore.2017.05.021 · Cited by 687
Self-citationLow‐carbon transition risks for finance
Semieniuk, G., Campiglio, E., Mercure, J., Volz, U., & Edwards, N. R. (2021) · WIREs Climate Change · doi:10.1002/wcc.678 · Cited by 441
Self-citationMacroeconomic impact of stranded fossil fuel assets
Mercure, J.-F., Pollitt, H., Viñuales, J. E., Edwards, N. R., Holden, P. B., Chewpreecha, U., Salas, P., Sognnaes, I., Lam, A., & Knobloch, F. (2018) · Nature Climate Change · doi:10.1038/s41558-018-0182-1 · Cited by 430
Self-citationWho Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality
Alstadsæter, A., Johannesen, N., & Zucman, G. (2018) · Journal of Public Economics · doi:10.1016/j.jpubeco.2018.01.008 · Cited by 385
Asset Revaluation and the Existential Politics of Climate Change
Colgan, J. D., Green, J. F., & Hale, T. N. (2021) · International Organization · doi:10.1017/s0020818320000296 · Cited by 362
Climate risk and financial stability in the network of banks and investment funds
Roncoroni, A., Battiston, S., Escobar-Farfán, L. O. L., & Martinez-Jaramillo, S. (2021) · Journal of Financial Stability · doi:10.1016/j.jfs.2021.100870 · Cited by 331
Metadata
- Authors
- Semieniuk, G., Holden, P. B., Mercure, J.-F., Salas, P., Pollitt, H., Jobson, K., Vercoulen, P., Chewpreecha, U., Edwards, N. R., & Viñuales, J. E.
- Venue
- Nature Climate Change
- Published
- 2022-05-26
- Volume
- 12
- Issue
- 6
- Pages
- 532-538
- ISSN
- 1758-678X (ISSN-L)
- 1758-6798
- OpenAlex
- W4281571424
- Cited by
- 294
- References
- 33
- FWCI
- 41.70
- Type
- journal article
- Language
- en
- Open access
- hybrid
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- Semieniuk, G., Holden, P. B., Mercure, J.-F., Salas, P., Pollitt, H., Jobson, K., Vercoulen, P., Chewpreecha, U., Edwards, N. R., & Viñuales, J. E. (2022). Stranded fossil-fuel assets translate to major losses for investors in advanced economies. Nature Climate Change. https://doi.org/10.1038/s41558-022-01356-y
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
